A nine-person jury was seated Tuesday to hear a trial that will determine whether Tesla CEO Elon Musk cheated investors by asserting in 2018 tweets that he...
SAN FRANCISCO — A nine-person jury was seated Tuesday to hear a trial that will determine whether Tesla CEO Elon Musk cheated investors by asserting in 2018 tweets that he had lined up financing to take the electric automaker private.
In the Tesla TSLA case, Musk’s tweets fueled a rally in the company’s stock price that abruptly ended a week later after it became apparent that he did not have the funding for a buyout after all. Investors then sued him, saying that Tesla shares would not have swung so widely in value if he had not dangled the prospect of buying the company for $420 per share.
The trial hinges on an Aug. 7, 2018, tweet in which Musk claimed he had lined up financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal seem imminent. The challenge of finding jurors without strong feelings about Musk became evident during Tuesday’s painstaking selection process.
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